560 First Ave,
San Diego, CA 92101
March 13th, 2014 Categories: Real Estate News
Sempra Energy has decided to relocate their downtown office to 8th and Island. Sempra Energy is ”an American natural gas utilities holding company“ that will build a state-of-the-art 16 story highrise with 320,000 square feet of office space. Construction is well on its way and is adjacent to the fire station that’s bound by 7th-8th and Island-J St. The land is owned by Cisterra Development, who was originally going to build Cosmopolitan Square, but plans changed (I’m assuming) when the market and they decided to lease out the land. Sempra signed a 25 year lease and it’s been reported that it will cost around $120 million to build the new office.
I think having a Fortune 500 company (ranked #281 in 2013) in the East Village is a huge benefit to residents. I’ve been saying this for years, but the main reason why property values are so low (compared to San Francisco, Seattle, Los Angeles, Vancouver, etc) is because we lack the commercial presence that other cities have. Once Sempra relocates, I assume another large company, or multiple companies will fill their space which will add to the demand for downtown living (which will cause housing prices to rise…in theory).
To all you downtown San Diego condo owners, you can relax just a bit longer. It turns out the Bosa Development won’t be breaking ground on the new Santa Fe Depot Parcel #9 building quite yet. From what I’ve learned, Parcel #9 is too high-end of a building to build right now – in other words, no one will pay what Bosa wants/needs to sell the condos for when they’re done. Rumor has it that Bosa plans on selling the new tower for an average of $1000/sqft, which is the very top end of our market right now.
So what now? The way I see it, there are few options…
December 24th, 2013 Categories: Real Estate News
Dog owners in downtown San Diego are as common as yogis are in Encinitas, or as Range Rovers are in Del Mar, or as muffin-tops are in PB (don’t worry if you didn’t get that last one) – they’re everywhere, myself included. Man’s best friend has been around for centuries and just because you don’t have a yard, it doesn’t mean you can’t have a dog. However, it can be a little difficult, or perhaps inconvenient, not having a place you can walk to with your dog, taking him/her of the leash and letting them run around in a safe, clean, confined area with other pups. Yes there are a few make shift dog parks downtown (the grass in front of the Gaslamp Marriott, Park at the Park, the school in Little Italy…), but there’s no real dog park. Well, that may be changing…
It’s been several years since downtown San Diego has seen any condos being built. The last residential construction (not including hotel’s or apartments) was completed around 2009 with Bayside and Sapphire Tower. Now that the economy has picked up and the housing market has more than recovered, developers are going back to their old plans and are getting ready to build. Most notably, Bosa Development is rumored to break ground early next year (probably February) on their Santa Fe Depot Parcel #9. The building, name to still be determined, should be finished around the end of 2016.
Unofficially labeled “San Diego’s Sydney Opera House,” this new luxury highrise will be our most expensive building to date. I’m anticipating prices to average around
Windermere Signature Properties has become the newest Sotheby’s office in San Diego county. We’re now part of Pacific Sotheby’s International Realty. Sotheby’s is one of the top names in real estate worldwide and is quickly becoming one of the best real estate brokerages in San Diego. As a company, Pacific Sotheby’s grew 60% from 2011 to 2012.
Pacific Sotheby’s is led by CEO Brian Arrington and his partners Steve Games and Nyda Jones-Church (founders of Prudential California Realty). Aside from having a better brand, greater exposure (for sellers) and more resources, not much else will change. I’ll still answer the phone when you call and I’ll still be the one helping you with your real estate needs.
If you have any questions or concerns, please let me know. Thanks and I look forward to hearing from you!
Denny Oh 858-243-2092 [email protected]
April 10th, 2013 Categories: Real Estate News
According to the San Diego Association of Realtors, single-family homes prices are up…a lot! Countywide, homes prices were up 19% in March (versus March ’12) and up 5% from February 2013. Condo prices in March increased 14% from February and 30% from March of 2012.
With only 1.5 months of available inventory, market times have decreased by about a third (90 to 60 days) from the year before. While prices are rising at an impressive rate, I don’t see this continuing for too much longer. Sooner than later, home owners will realize what they can get for their homes and inventory will pick up – which is the main reason why prices are rising now.
If you’re looking to sell, I’d suggest doing so soon.
In a recent study run by Redfin, San Diego was ranked the sixth hottest real estate market in the country. The study, which was summarized in the San Diego Daily Transcript (“San Diego 6th fastest” 3/18/13) said that Redfin based their report on listings that “[went] under contract in 24 hours or less.” San Diego was California’s hottest market with 135 sales (the study looked at listings from 10/1/12-2/26/13), with Los Angeles (132) and Sacramento (128) close behind.
Phoenix was at the top of the list with 540 listings selling within the first 24 hours, Chicago was second with 261 sales and Houston (188), Dallas (184) and Austin (163) rounded up the top five cities. Only Chicago, Baltimore (with 97) and Washington DC (87) were not in the West. According to the study, San Diego’s inventory dropped 50.1% in February of 2013 from the year before.
Since the beginning of 2013, I’ve (well, my assistant Kea) been monitoring the downtown San Diego condo market’s inventory. Each Wednesday I (she) records how many active, contingent and pending listings there are. Active listings are those that are available. Contingent listings are short sales that have offers accepted by the owner, but are contingent upon the bank approving the terms. Pending listings are those that have fully accepted offers and are in escrow.
Data is recorded each Wednesday and has been graphed below.
For those of you who don’t want to spend time reading the entire post, here are the key points:
A few weeks ago a 4,000+ sqft, 26th floor condo at the Metropolitan (top 10 floors of the Omni Hotel) came on the market for $3,995,000. A short 10 days later, the condo went pending.* And while this price point is not typical, it’s not unusual for listings to get multiple offers and sell within a few weeks. Prices are the highest they’ve been since the market crashed and buyer’s are in a hurry to get into the market before it’s too late.
January 17th, 2013 Categories: Real Estate News
If Carmen Sandiego could live in San Diego, what part of San Diego would Carmen Sandiego live in? Well for now, she’s only going to live in Sandiegoh. However, if I asked you the same question, what would you say? Del Mar? Downtown? North Park? Well, don’t answer quite yet. Recently a local graphic designer, Raanan Jonboi Rosenfeld, drew his own map of San Diego and offered his “slightly offensive, but pretty fair” map of the County and how he sees it.
(858) 243-2092 [email protected] Cal DRE #01420194